Whole of Government Accounts

Whole of Government Accounts (WGA) is the annual publication by the United Kingdom Government of the consolidated financial statements of over 5,500 organisations across the public sector. It aims to provide more complete data for fiscal planning by producing consolidated financial statements which are produced in accordance with the International Financial Reporting Standards (IFRS), the system of accounts used internationally by the private sector.
The accounts are independently audited by the Comptroller and Auditor General, and they are scrutinized by the Public Accounts Committee each year.
Background
The Treasury first published a scoping study for WGA in July 1998. WGA are prepared under Sections 9 to 11 of the Government Resources and Accounts Act 2000 and cover the whole of the UK public sector (central government, local government, health, and public corporations). WGA are prepared under International Financial Reporting Standards.
The first set of accounts to be published was for the year ended 31 March 2010. The accounts omit large public sector liabilities: in particular, pension liabilities are omitted from the accounts even though they are a liability under IFRS rules.
Structure
The structure of the document is the same as that for any private sector organisation using IFRS. In particular, the following consolidated statements are included:
Consolidated Statement of Revenue and Expenditure with the other comprehensive income part shown as a separate statement;
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position, showing public sector assets and liabilities;
Consolidated Statement of Changes in Taxpayers’ Equity
Consolidated Cash Flow Statement; and
Notes to the Accounts
It also includes a Statement on Internal Control as well as detailing the Accounting Officer’s responsibilities and a Remuneration Report
Results for FY 2010
The Whole of Governments Accounts for the year ended 31 March 2010 was published on 29 November 2011. It was the first ever set of audited financial statements for the UK public sector. The 2009-10 WGA brings together, for the first time, audited financial information from the UK’s central government, local government, the National Health Service (NHS) and public corporations. It makes clear a number of metrics that previously had been difficult to calculate, such as the net public service pension liability, the Government’s commitments under private finance initiative (PFI) contracts, total provisions, and contingent liabilities.
As this is the first year in which WGA is published, there is no historical data for comparison. Over time, annual publications of WGA will allow the user to build up a clear and consistent picture of trends and changes in the Government’s fiscal position. WGA also allows for international comparisons of fiscal balance sheets to be made, provided that other countries’ accounts are produced on a comparable basis.
The accounts are available on the UK's Treasury website: http://www.hm-treasury.gov.uk/wga.
Audit Report
The Whole of Government Accounts are subject to audit by the Comptroller & Auditor General (C&AG).
The C&AG audited the 2009–10 WGA and concluded:
The C&AG report on the 2009–10 WGA is available on the National Audit Office's website.
See also
National Audit Office (UK)
Gold reserves of the United Kingdom
References
External links
HM Treasury - Whole of Government Accounts
List of bodies to which WGA applies (2009 Designation Order)
ACCA Report on WGA implementation
Atkinson Report on Government Output and Productivity
Open government in the United Kingdom
Government audit
HM Treasury